5Section 62:

5 Section 62:

After subsection 62 (1), insert:

‘(1A) An election under subsection (1) by a transferee is not effective unless it includes, or is accompanied by, the nomination in writing by the transferee of:

(a) a superannuation fund of which the transferee is, or intends to become, a member, being a fund that is required to preserve superannuation benefits in accordance with standards prescribed under the Occupational Superannuation Standards Act 1987; or

(b) an approved deposit fund or a deferred annuity fund, being a fund that is required to preserve superannuation benefits under standards of that kind;

as the fund to which the amount referred to in paragraph (3) (a) is to be paid.’.